Enterprises from Russia 's Sverdlovsk Region wanted to boost co-operation with Vietnamese firms in the energy, engineering and metallurgy, agriculture, mining, and banking sectors, said the region's Governor Alexander Misharin.

At a business conference held on April 6, the governor said his first trip to Vietnam , accompanied by over 20 enterprises, will start a new chapter for the relationship between the two business communities. He also called on Vietnamese companies to participate in the second International Ural Exhibition and Forum of Industry and Innovation "INNOPROM – 2011", slated to take place from July 14-16 in the region's Yekaterinburg City.

The events, which will showcase the latest technologies and developments in the Russian industry, would be a good chance for the firms to share cooperation opportunities, he said.

Vietnam 's increasing efforts to improve its business and investment climate and its deeper penetration into the global market would create more opportunities for Russian companies, said Deputy Minister of Industry and Trade Le Danh Vinh.

Meanwhile, the attention from the two Governments and relevant ministries had also laid a firm foundation for businesses to increase coordination, especially in the trade and investment sectors, Vinh said.

Vietnam Chamber of Commerce and Industry Vice Chairman Hoang Van Dung emphasised the importance of fostering the exchange of trade information and policies on trade and investment.

Dung said it was necessary to participate in business conferences, trade fairs and exhibitions to better understand their counterpart's capabilities.

Two contracts worth 1.5 million USD were inked between NPK Okpur, a filtering materials manufacturer, and a Vietnamese counterpart at the event.

In addition, the Vietnam - Russia Joint Venture Bank signed a memorandum of understanding to cooperate with the UralTransBank of Yekaterinburg.

Bilateral trade ties have developed significantly from 300-400 million USD in the mid-1990s to 2.4 billion USD in 2010. /.